Ultrapar (UGPA3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$ 36.8 billion in 1Q26, up 10% year-over-year, driven by Ipiranga and the consolidation of Hidrovias do Brasil.

• Adjusted EBITDA was R$ 2.3 billion, a 96% increase year-over-year, with strong contributions from Ipiranga.

• Net income totaled R$ 914 million, up 152% compared to 1Q25, reflecting improved operating results.

• Operating cash generation was R$ 1.1 billion, supported by robust business performance and supplier draft discounts.

• Investments totaled R$ 558 million, focused on network expansion, technology, and sustainability initiatives.

Financial highlights

• Gross profit rose 48% year-over-year to R$ 3.2 billion, with a gross margin of 8.6%.

• Recurring Adjusted EBITDA margin improved to 6.3% from 3.5% in 1Q25.

• Financial expenses increased to R$ 398 million, mainly due to higher net debt and lower mark-to-market gains.

• Depreciation and amortization rose 43% year-over-year to R$ 582 million, reflecting the consolidation of Hidrovias.

Outlook and guidance

• Continued focus on growth, productivity, and value creation, with ongoing investments in capacity expansion and technology.

• New 2030 sustainability plan published, aligning long-term strategy with ESG priorities.